LLC Operating Contract (Commercial Property, Member-Managed, Simple) (Florida)

The LLC Operating Contract (Commercial Property, Member-Managed, Simple) is a legal template specifically designed for the formation and operation of a limited liability company (LLC) that owns and manages a commercial property in the state of Florida, under the jurisdiction of USA law.

This template outlines the essential terms and conditions governing the relationship between the LLC's members, who collectively own and manage the company. The contract primarily focuses on member-managed operations, where all members actively participate in decision-making and day-to-day management of the commercial property owned by the LLC.

The operating contract will clearly stipulate the rights, obligations, and responsibilities of each member, including their capital contributions, profit sharing arrangements, and liability limitations as protected by the LLC's limited liability shield. It also addresses the procedures for admitting new members, transferring membership interests, and the management structure within the LLC.

Additionally, this legal template will cover crucial operational aspects such as taxation, dispute resolution mechanisms, decision-making protocols, meeting requirements, and duties of loyalty and care expected of all members. It may also include clauses related to buy-sell agreements, dissolution procedures, and non-compete agreements, depending on the specifics and intentions of the LLC.

Overall, the LLC Operating Contract (Commercial Property, Member-Managed, Simple) serves as a comprehensive legal document that establishes the framework and governance structure for an LLC ownership structure tailored specifically for commercial property ownership and management in Florida, while adhering to the laws and regulations of the United States.